Equalization Levy under Income Tax
CHARGE OF EQUALISATION LEVY ➢ Rate: 6 % of the amount of consideration received or receivable. ➢ Service Provider: Any non-resident...
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Seth & Associates
- Apr 13, 2020
- 3 min
Section 50-C of the Income Tax Act, 1961
INTRODUCTION TO SEC 50C In order to plug the prevailing black money in real estate transactions the government vide finance Act 2002,...
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Seth & Associates
- Apr 13, 2020
- 2 min
Budgets & Budgetary Control
WHAT IS A BUDGET AND BUDGETARY CONTROL? A. Budget is an estimation/statement of financial resources set aside for carrying out specific...
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Seth & Associates
- Apr 13, 2020
- 3 min
Important Disallowances under Income Tax Act (Sec 40A)
WHAT IS SEC 40A Under the Income tax Act,1961 profit or gain from business or profession is considered income and such income is...
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Seth & Associates
- Apr 9, 2020
- 3 min
Sec 271AAD of the Income Tax w.e.f. 1st April 2020
WHAT IS SEC 271AAD Finance Act 2020 has inserted a new section 271AAD in the Income-tax Act relating to penalty for false or omission of...
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